AlphaQuest LLC Trims Stock Position in Independent Bank Corp. $INDB

Key Points

• AlphaQuest LLC reduced its stake in Independent Bank Corp. by 84% in the first quarter, now holding 2,964 shares worth approximately $186,000.
• Independent Bank reported $1.25 earnings per share for the last quarter, exceeding the consensus estimate of $1.20, and plans to pay a quarterly dividend of $0.59.
• Analysts have mixed ratings on the stock, with one analyst holding a Strong Buy rating, while others have downgraded it to a Hold rating, reflecting varied market expectations.

AlphaQuest LLC lessened its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 84.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,964 shares of the bank's stock after selling 15,607 shares during the quarter. AlphaQuest LLC's holdings in Independent Bank were worth $186,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. lifted its position in shares of Independent Bank by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 211,600 shares of the bank's stock worth $13,257,000 after buying an additional 5,521 shares during the last quarter. KBC Group NV lifted its position in shares of Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after buying an additional 293 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after buying an additional 262 shares during the last quarter. New York State Teachers Retirement System lifted its position in shares of Independent Bank by 3.2% during the 1st quarter. New York State Teachers Retirement System now owns 35,706 shares of the bank's stock worth $2,237,000 after buying an additional 1,121 shares during the last quarter. Finally, Independence Financial Advisors LLC purchased a new stake in shares of Independent Bank during the 1st quarter worth approximately $347,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

Independent Bank Stock Down 0.3%

INDB stock opened at $71.51 on Friday. The company has a fifty day moving average price of $66.23 and a 200 day moving average price of $63.58. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $77.23. The company has a market cap of $3.57 billion, a price-to-earnings ratio of 16.14 and a beta of 0.87. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.05. The company had revenue of $181.80 million for the quarter, compared to analysts' expectations of $179.47 million. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. Sell-side analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank's payout ratio is currently 53.27%.

Wall Street Analysts Forecast Growth

INDB has been the subject of several research reports. Zacks Research downgraded shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. Wall Street Zen upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Independent Bank currently has a consensus rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank Profile

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

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